Dividend Finance closes inaugural securitization of residential loans

Dividend Finance, a provider of residential solar loans and administrator of Property Assessed Clean Energy (PACE) financing, has officially closed its first securitization of its residential solar loan portfolio.

The Dividend Solar Loan Backed Notes, Series 2017-1 securitization featured $128,950,000 of securities secured by the company’s residential solar loan portfolio. The notes were rated by Kroll Bond Rating Agency, Inc. (KBRA) and also received “Green Bond” designations from Sustainalytics US, Inc., based on the published 2017 standards of the International Capital Market Association.

This is Dividend’s inaugural securitization of its EmpowerLoan portfolio secured by residential rooftop solar energy systems. This program enables homeowners to finance their installation of photovoltaic energy generating systems for terms of up to 20 years.

“This represents a great step forward for Dividend and the entire solar loan market,” said Eric White, CEO of Dividend Finance. “Our installation partners, homeowner network, and our investors, have positioned the Company as a leader in the residential solar finance industry.”

Dividend currently operates in 25 states through its network of quality-driven solar installation partners. The company’s solar loan platform enables homeowners across the U.S. to access financing and maximize the economic benefits of going solar with a seamless and hassle-free customer experience.